Morning Economic News - November 10, 2008

US stock market futures are trading up slightly and in a fairly tight range with a mix of news out over the weekend, both positive and negative. Asian stock markets are up substantially 3 to 6% with the news that China plans a nearly $600 billion economic stimulus plan. Energy prices are up, no surprise after Obama transition officials released plans to reinstate the executive ban on US offshore drilling and to enact a windfall profits tax on US oil companies over the weekend. The dollar is down against the Canadian dollar, typical on oil price increases, and up against the yen, euro and pound. [2:45 AM Eastern]

Financial Roadmap: The Week Ahead November 10 to 14, 2008

After last week's bad labor market reports and big job loss numbers
Friday, Monday will kick off with a bang with the Conference Board's
release of the Employment Trends Index. Various other factors led to a
rally in spite of the bad employment report Friday – we'll see if that
holds on Monday or if profit taking sets in on the reminder of bad news
as the only major indicator of the day.

Consumer Credit - September 2008

• Total outstanding consumer credit: $2588.1 billion


• Total rate of change: Up 3.2%

Employment Situation - October 2008

• Total Employment: 144,958 million


• Nonfarm Payroll Employment: 136,899 million


• Monthly Change: Down 240,000

Pending Home Sales - September 2008

• Pending Home Sales Index: 89.2


• Monthly Change: Down 4.6


• Yearly Change: Up 1.6

Wholesale Trade - September 2008

• Wholesale Sales: $396.2 billion,


• Monthly Change: Down 1.5%


• Year-to-year Change: Up 9.1%

G-20 Ministers Pledge Cooperation

Group of 20 finance ministers and central bankers said
Sunday they would work urgently together to support economic growth and
foster financial stability, and lauded nations that have taken bold
action.

China Sets Big Stimulus Plan

China unveiled an economic stimulus program it billed as
totaling $586 billion, aiming to bolster domestic demand and help avert
a global recession.

China Unveils $586 Billion Stimulus Plan as World Heads Toward Recession China pledged a 4 trillion yuan ($586
billion) stimulus plan to prop up growth in the fourth-largest
economy as the world heads toward a recession.

Japan Machine Orders Have Biggest Quarterly Drop in Decade as Exports Slow Japanese machinery orders tumbled
10.4 percent last quarter, matching the biggest drop on record,
as manufacturers cut investment plans in anticipation the global
slowdown will stifle overseas demand.

G-20 Calls for Interest-Rate Cuts, More Spending to Stem Financial Crisis The Group of 20 nations is prepared
to act ``urgently'' to bolster growth and called on governments
to cut interest rates and raise spending as the world's leading
industrialized economies battle the threat of a recession.

Brown Seeks `Global Consensus' on Tax, Spending Policies at G-20 Summit U.K. Prime Minister Gordon Brown
will call on governments around the world to coordinate tax and
spending policies to shore up a slowing world economy.